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Tuesday 20 September 2022

Northcoders more than doubles in first half

NorthcodersNorthcoders Group, the recently AIM listed provider of software coding training programmes, continues to prosper more than doubling revenue (+117%) in H1 to £2.37m (H1 2021: £1.09m), as it benefits from ongoing strong demand for tech training.

Northcoders’s consumer business, which includes bootcamps and apprenticeships, performed particularly well delivering revenues in H122 of £1.72m (H1 2021: £0.93m), whilst the Business Services arm also grew to £0.20m (H1 2021: £0.16m). Profitability also improved with underlying adjusted EBITDA increasing 62% to £0.42m (H1 2021: £0.26m).

Founded in 2015, Northcoders has had a strong first year as a listed business as it rides a wave of demand for digital skills. The firm operates a hybrid model with a flagship site in Manchester and other training hubs in Leeds, Birmingham and Newcastle operating alongside a digital/remote offering. Digital skills shortages are not going to be resolved in the short to medium term so prospects for Northcoders’s training services remain promising. We recently covered its £4m government contract win (see here) to be delivered as part of the Department for Education’s Skills Bootcamps Wave 3 bid. The £4m funding for scholarships to train individuals via the firm’s bootcamps across England bodes well for continued growth into 2023.

Posted by: Marc Hardwick at 09:08

Tags: results   training   coding   digital+skills  

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